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Britvic To Buy Brazil's Bela Ischia For £54.5 Mln Cash - Quick Facts

Soft drinks maker Britvic plc (BVIC.L) announced Tuesday an agreement in principle to acquire Bela Ischia Alimentos Ltda, a concentrates and juice business in Brazil, for a total cash consideration of R$218 million or about 54.5 million pounds.

The company said the acquisition price will be funded from existing debt facilities.

Britvic said the acquisition of Bela Ischia, which has a strong presence in the key areas of Rio de Janeiro and Minas Gerais, would strengthens its brand portfolio in Brazil. In September 2015, Britvic acquired Empresa Brasileira de Bebidas e Alimentos SA and the liquid concentrate brands Maguary and Dafruta in Brazil.

In the last 12 months, Bela Ischia delivered double digit revenue growth, reaching approximately R$160 million resulting in EBITDA of approximately R$18.5 million.

Whilst the transaction terms have been agreed in principle, reflecting the fact that Bela Ischia is a competitor, Britvic management has identified certain specific closing conditions, including final due diligence and a completion audit.

It is anticipated, subject to satisfactory conclusion to these conditions, that completion will occur at the latest by the end of March 2017.

The company added that the acquisition will be earnings per share accretive in first full year.

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